Question about Chubb insurance

[idealseeker]

I just got a quote from a local Chubb broker here in the Sacramento area. The premium to insure a $4500 or so engagement ring is $80/yr, but I was told Chubb won''t bill anything less than $200/yr. Is this something that''s corporate, or is it not worth the agent''s time (in commissions) for a billing of $80/yr? Any other suggestions as to where to insure it? Chubb was a first choice b/c of the cash payout and 150% appreciation value coverage. I know it''s not the $15K plus rocks I''ve seen here, but for us, $4500 is a lot and we definitely want to be protected. Thanks in advance!

 

[kcoursolle]

That seems strange to me, I feel as if others here have insured moderately priced rings with chubb. Anyone want to comment on this, bump?

I insured my $4000 engagement ring with jewelers mutual no problem. The premium for LA, CA is much less than $200 a year, and they still insured me.

 

[ChargerGrrl]

hmmm. That''s the first I''ve heard of a "billing minimum". I think I''ve heard that they have a coverage minimum, and that may the correlation here.

I went thru Bill Castro at Total Dollar. Do a seach and you''ll find his info. I know that Mara went thru a gal in SFO- Carla Yanisse, I think? Do a search for Carla Chubb and see what you get.

GOOD LUCK!

 

[Rod]

I currently have Chubb for my new home, so I''ll likely just add our rings to our homeowner''s policy. But, when we got our rings last January, we were between homes and needed an alternative insuance option. We went with GemShield, which is a replacement plan, not a cash out plan, but it was reasonably priced and reputable.

GemShield is actually underwritten by XLInsurance and they have been providing insurance since 1915. According to the Insurance Commission Office, their incidence of issues and complaints (there evidently have been some, but not related to GemShield) are extremely low in comparison to other insurer''s in the state (we live in FL).

So, if you''re interested in getting insurance with GemShield, here''s how to contac them:
www.gemshield.com or call 1-866-207-9428.

 

[idealseeker]

Thanks everyone! I am trying to have my current insurance company (car, auto, etc) define replacement for me. I told them that allowing me to choose my jeweler and have him find me a "like-item" is almost as good as cash for me. In addition, since diamonds may appreciate over time, how they would handle the "like-item" costing more than the original. I hope they offer this b/c at $63/yr to add to my current policy, it''d be a good deal. But I will look into the options you all so kindly suggested!

 

[Bluehammer]

I know USAA has a ring insurance program. Not sure if you have to be a member or not, but I think they will insure any amount over $2,500.

 

[FacetFire]

I'm in the process of going through Bill Castro too, and he told me the same thing about the company not usually doing ones that are below $200/yr. He told me that it costs them $100 to write a policy, so they tend to want to make something off of it. Now, I'm not sure if he was just telling me that's what other brokers do or whether he tends to be the same way. I'd give him a call though...he's super nice and helpful.

ETA: Jeweler's Mutual was my second choice if I couldn't get anyone to write a stand-alone Chubb policy. They let you choose the jeweler you work with to find a new stone/ring, which I thought was much better than a lot of replacement policies.

 

[davidgelb]

Hey all,
I just purchased a policy with Chubb for my GF's e-ring...same here...I was told there is a $200/yr minimum (LA, CA). The purchase price of the ring was slightly under, but the appraised replacement value was over, so it works out. I am paying $279/yr for a $9000 ring. Seems a little high, but I did the math and it is about 35 years before I hit the value of the ring...I really like what I've learned about Chubb and their coverage, so I am willing to pay a little extra for the piece of mind.

-David